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Stanbic IBTC Term Assurance

Term Assurance Product

Stanbic IBTC Term Life Assurance helps to provide cover against death within a specified period and agreed terms. It is purely a family protection policy and does not attract surrender (termination value).

 

 

 

Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money
Features
  • The minimum and maximum age of entry are 18 and 63 years respectively
  • Minimum cover period is 2 years while maximum is 5 years
  • The maximum exit age is 65 years
  • Premium can be paid monthly, quarterly, semi-annually, annually or as lump sum (single premium)
  • Cover is against death from any source
  • The minimum benefit that can be chosen is N2,000,000.00
  • Three month waiting period applies for non-accidental claims
Benefits
  • Family protection as it provides lump sum benefit for one’s dependents in case of death.
  • It is the cheapest and most affordable life assurance product.
  • Peace of mind knowing one’s loved ones is insured in the event of one’s passing.
  • It can be used as collateral security to secure a loan.
  • It can be used to take care of key-man risk for organisations and partnerships.
  • It qualifies for tax exemption.
How to get started

Documents required to sign up

  • Completed Proposal Form
  • KYC documents = Passport Photograph, valid and acceptable means of identification and evidence of residence

 

How do I make a Claim

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

Frequently Asked Questions
  • Does term insurance get maturity benefits?
    No. Term Insurance do not give maturity benefits as your funds are not invested during the policy period.
  • Why is term insurance premium low?
    The Term Insurance premium is low because it covers the probability of an event happening within a time period.
  • What will happen at maturity of the term insurance?
    At maturity of the term insurance, the insured can either withdraw their funds or opt for another term insurance contract.
  • Features
  • Benefits
  • How to get started
  • How do I make a Claim
  • Frequently Asked Questions
  • The minimum and maximum age of entry are 18 and 63 years respectively
  • Minimum cover period is 2 years while maximum is 5 years
  • The maximum exit age is 65 years
  • Premium can be paid monthly, quarterly, semi-annually, annually or as lump sum (single premium)
  • Cover is against death from any source
  • The minimum benefit that can be chosen is N2,000,000.00
  • Three month waiting period applies for non-accidental claims
  • Family protection as it provides lump sum benefit for one’s dependents in case of death.
  • It is the cheapest and most affordable life assurance product.
  • Peace of mind knowing one’s loved ones is insured in the event of one’s passing.
  • It can be used as collateral security to secure a loan.
  • It can be used to take care of key-man risk for organisations and partnerships.
  • It qualifies for tax exemption.

Documents required to sign up

  • Completed Proposal Form
  • KYC documents = Passport Photograph, valid and acceptable means of identification and evidence of residence

 

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

  • Does term insurance get maturity benefits?
    No. Term Insurance do not give maturity benefits as your funds are not invested during the policy period.
  • Why is term insurance premium low?
    The Term Insurance premium is low because it covers the probability of an event happening within a time period.
  • What will happen at maturity of the term insurance?
    At maturity of the term insurance, the insured can either withdraw their funds or opt for another term insurance contract.